Gap names heads of namesake brand, Banana Republic

Gap Inc. issued a full-year profit outlook that was below Wall Street expectations and announced management changes at its Gap and Banana Republic brands.

As part of the executive overhaul, Jeff Kirwan will become global president for the Gap brand in December, and Andi Owen, who heads up Gap Outlet's division, will become global president for Banana Republic, effective Jan. 5.

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The moves were orchestrated by Art Peck as he takes on the role of CEO of Gap Inc. in February, succeeding Glenn Murphy who has been at the helm since 2007.

Separately the San Francisco-based retailer said it earned 80 cents per share in the third quarter, while sales in stores open at least a year fell 2 percent during the quarter.